enges of Passive Investment - Q3 2013

Transcription

1 Stable revenue in 2013 provides platform for recovery Presentation Q results 7 November 2013 Gerard van de Aast, CEO Hans Turkesteen, CFO

2 Highlights Q results Revenue in the quarter 1,256 million euro (Q2 2013: 1,274 million euro) Operational EBITDA in the quarter -4 million euro (Q2 2013: -33 million euro) Order intake YTD ,628 million euro, in line with revenue Working capital Q3 stable versus Q2 despite regular seasonal increases Earlier announced restructuring program largely completed and extended Operational recovery Germany requiring more time; additional restructuring announced Constructive dialogue covenant reset started 2

3 Back to running the business Operational update Q Financials Q

4 Restructuring program largely completed and extended Restructuring FTEs 2013 & Total expected for 2013: ~ 90m Restructuring costs 2013 ( m) Planned Actual Planned Actual Increase of 650 FTE reduction for 2013 is mainly in Eastern Europe (230 FTEs, downsizing business), Nordic (240 FTEs, capture integration benefits) and Marine (60 FTEs improving efficiency) Majority of the FTE reductions 2013 in Germany & Eastern Europe (780 FTEs), Benelux (350 FTEs), Traffic & Infra (240 FTEs), Nordic (240 FTEs) and Marine (150 FTEs) Total average payback time is 15 months Additional reduction of 300 FTEs in Germany for

5 Operational update Q Benelux Dutch Building Services in process of turnaround Industrial businesses progressing well and restoring results and margin UK & Ireland Performance at a satisfactorily level Opportunities in Water, Waste & Energy and International businesses Nordic Satisfactory performance Market conditions in Sweden and Finland remain difficult, Norway remains good Cost saving through post acquisition synergies Spain & Turkey Spain: markets remain tough, South America projects in progress Turkey: reviewing strategic options, including book values ICT Performance at a satisfactory level Several deals with strategic partners Traffic & Infra Recovering due to restructurings Marine New management has stabilized the business and enter into change program 5

6 Operational update Q Germany & Eastern Europe Strong market with attractive projects in the market A good reputation and market leadership position German business trading weaker than assumed due to prior management High cost structure and a number of weak project results 550 FTE reduction program in Germany halfway Eastern Europe 240 FTE reduction program also halfway Additional 300 FTE reduction in Germany will be implemented in year cost savings program (including stopping sponsoring activities) of 40m is underway 6

7 Good new projects Industrial technology Infra technology Building technology Marine technology Upgrading cleanrooms at 7 years maintenance and DBFMO contract for new to Delivering of HVAC systems Pfizer facilities in Ireland project contract at Dutch be build Penitentiary plus redundant cold and warm energy network provider Zaandam (NL) including 25 water supply systems for Stedin for part of their years responsibility of German research vessel network in the Province of technical infrastructure Sonne Utrecht (NL) 7

8 Order intake first nine months 2013 ( m) Order intake YTD 13 Revenue YTD 13 Benelux Germany & Eastern Europe UK & Ireland Nordic Spain & Turkey ICT Traffic & Infra Marine Total 3, ,

9 Stable revenue provides platform for recovery Stable revenue Stable revenue performance during first nine months 2013 Order intake in line with revenue for first nine months 2013 Improvement operational performance Improve margins Restructuring to bring cost structure in line Improving project management and project execution Procurement process Scaling technologies Working capital reduction Focus on cash Reduce trade receivables Reduce work in progress 9

10 Back to running the business Operational update Q Financials Q

11 Group performance ( m) Q Q Revenue 1, ,374.0 Operational EBITDA Non-operational costs EBITDA Net finance result Result before tax Income tax Net result Pro rata allocation of 2012 adjustments 11

12 Breakdown operational EBITDA performance ( m) Q Q % Q % Q % Benelux % -8.0% -2.5% Germany & Eastern Europe % -11.3% -10.2% UK & Ireland % 3.9% 4.0% Nordic % 5.3% 1.4% Spain & Turkey % -0.6% 0.8% ICT % 3.1% 5.2% Traffic & Infra % 3.5% -2.3% Marine % -12.5% -0.1% Group management % -2.6% -1.1% 12

13 Balance sheet ( m) Q Q Q Goodwill & other intangible assets 1, , ,299.7 Other fixed assets Assets held for sale Working capital Capital employed 1, , ,670.8 Equity * Net interest-bearing debt , Other (non-interest bearing) LT liabilities Restructuring provisions Other liabilities Funding 1, , ,670.8 * Equity before completion of rights issue of ordinary shares and issue of cumulative financing preference shares 13

14 Balance sheet equity movement ( m) Equity 30 June Result for the quarter Proceeds from rights issue ordinary shares Proceeds from issue cumulative financing preference shares 30.0 Transaction related costs Other -4.7 Equity 30 September

15 Balance sheet working capital ( m) Q Q Q Work in progress Trade receivables ,132.1 Other current assets Trade payables Other current liabilities Working capital % LTM revenue 6.4% 6.2% 2.0% Other current liabilities Q includes accrued project expenses ( 125m), accrued personnel expenses ( 183m), deferred income ( 65m), VAT payable ( 39m) and various other accrued liabilities 15

16 Aging of trade receivables ( m, net amount) Q Q Q Not past due Past due <180 days Past due >180 days Total ,

17 Balance sheet net interest-bearing debt ( m) Q Q Q Syndicated bank loans Senior notes Other interest-bearing debt Cash Net interest-bearing debt , Movement net interest-bearing debt ( m) Net interest-bearing debt 30 June ,205.9 Operational EBITDA -4,0 Change in working capital -3.4 Net capex -5,7 Paid interest & tax (net) Restructuring & refinancing payments Net proceeds from equity Other Net interest-bearing debt 30 September

18 Extraordinary items first nine months ( m) Headcount Financial Total restructuring Announced 90 * Incurred YTD Accounted YTD 2013 Non-operational Finance expenses Prepaid expenses Amortised cost of loans Equity Paid YTD * Including extended restructuring program, but excluding additional redundancies in Germany in

19 19 Q&A